Advertisement
TVS Emerald, a real estate development company based in India, has signed a term sheet with HDFC Capital Affordable Real Estate Fund – 3 to create a platform for plotted development projects across Chennai and Bengaluru. The platform, which is worth Rs 1,000 crore, will focus on meeting the growing demand for high-quality plotted developments at affordable prices.Read more
The Brihanmumbai Municipal Corporation (BMC) has surpassed its revised target for property tax collection for the financial year 2022-23. As of Friday evening, the civic body had collected Rs 5,350 crore, which is higher than the revised target of Rs 4,800 crore. However, it falls short of the original target of Rs 6,000 crore. Last year, the BMC had collected a total of Rs 5,792 crore in property taxes.Read more
The Adani Group is reportedly negotiating with lenders to extend repayment terms on $4 billion loans taken to acquire ACC and Ambuja Cements assets from Switzerland's Holcim group. The group seeks to extend its $3 billion bridge loan from 18 months to five years or more and convert a $1 billion mezzanine loan into senior secured debt with a five-year repayment schedule. Lenders have agreed in principle to extend the loan tenure, but discussions on loan pricing are ongoing. The final outcome of these negotiations remains uncertain.Read more
Global investment firm Avenue Capital-backed Asset Reconstruction Company of India (Arcil) has reportedly emerged as the highest bidder for L&T Finance's real estate portfolio of Xrbia group, a Pune-based real estate developer. According to two sources familiar with the matter, Arcil has offered INR 700 crore in a combination of cash and security receipts for a portfolio worth INR 880 crore, which translates into a recovery rate of 80% for the finance company. The company was also in talks with Aditya Birla ARC and Phoenix ARC to sell the same portfolio.Read more
American investment manager, Nuveen, has invested $30 million in Aviom India Housing Finance, acquiring a 30% stake in the mortgage lender through a combination of primary and secondary market deals. The primary investment size is $20 million, with the remaining amount being through secondary deals, according to sources familiar with the matter. The equity infusion will help Aviom extend financial assistance to over 60,000 families additionally in FY24 by disbursing around Rs 1200 crore.Read more
Advertisement
The Bhopal Municipal Corporation (BMC) is on a mission to collect property and water taxes from the residents of the state capital. Having targeted large defaulters for weeks, the civic body officials are now going door-to-door to collect every penny due. The BMC has issued a 21-day notice, after which it has threatened to recover pay property tax or water tax by selling the property under section 173 of the MP Municipal Corporation Act, 1956.Read more
Axis Bank and Shriram Housing Finance Limited (SHFL) have entered into a partnership under the co-lending model through the Yubi Co. lend platform. The private sector lender and the housing finance company will offer secured MSME (Micro, Small and Medium Enterprises) loans and home loans to the middle and low-income segment borrowers residing in rural and semi-urban regions. According to a joint statement, the partnership will utilise Axis Bank's financial expertise and SHFL's loan processing technology to evaluate the credit profile of borrowers and provide loans at competitive interest rates.Read more
Embassy Office Parks REIT has agreed to purchase the Embassy Business Hub in Bengaluru for a total enterprise value of Rs 3,348 million ($41 million). The acquisition will give Embassy REIT exclusive ownership rights to approximately 1.4 million sq. ft of leasable area on full completion. The company plans to primarily fund the acquisition through debt at 8.1% interest per annum. The acquisition is expected to be completed on or before April 30, 2023, subject to completion of customary conditions precedent.Read more
The Thiruvananthapuram city corporation has recently made a record-breaking collection of property tax due to an updated database and the promotion of online payment options. The corporation grossed Rs 115 crore in property tax in 2022-23, which exceeded the target they set for themselves, and showed an increase in collection by 167% in the last five years. This increase was primarily due to the aggressive promotion of online payment of tax and an updated database of tax dues.Read more
Navi Mumbai's property market heats up as a CIDCO plot in Nerul sells for a record Rs 6.72 lakh per square meter, sparking concerns over housing affordability. Activists and builders criticize the sale, claiming it will drive property prices to unattainable levels for average homebuyers. The escalating prices also threaten to strain existing infrastructure, such as roads, water, and power supply, leading to congestion. Experts urge CIDCO to transfer open plots to the Navi Mumbai Municipal Corporation for the creation of open spaces and social infrastructure to alleviate potential long-term sustainability issues.Read more
Advertisement
